PETALING JAYA: Sapura Energy Bhd saw sequential improvement in its bottom line, with net loss narrowing to RM669mil the third quarter of its financial year ending Jan 31, 2022 (Q3’FY22) from RM1.52bil in Q2’FY22.

       In a statement, the energy company said this was primarily due to higher project costs incurred for certain projects and an impairment charge arising from assets held for sale during the current quarter.

       In addition, it noted, divestment of assets was progressing well and ongoing.

       During the quarter in review, Sapura Energy saw its revenue increase 95% to RM1.46bil from RM747mil in Q2’FY21, driven by new projects in its engineering and construction and drilling segments.

       On an annual basis, revenue growth was 8.8% from RM1.33bil in Q3’FY21, while bottom line worsened, compared with a net profit of RM17.2mil.

       The order book held by the group’s subsidiaries currently stood at RM7.58bil, including new wins worth RM1.76bil.